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What We Know About Luxury Home Sales

Del Mar Times

Sep 20, 2017

SAN DIEGO—The Park, Bankers Hill has set the record for the highest-price home sold in that submarket, and its developerZephyr’s CEO Brad Termini tells GlobeSt.com there will always be a market for the best of the best. The penthouse at the property recently sold for $5.9 million, the highest-priced sale in Bankers Hill’s history.

A 14-story luxury residential building with 60 homes and two street-level retail spaces, located directly across from Balboa Park, the Park is, according to Zephyr, San Diego’s first true homage to Central Park-esque living and is attracting buyers from New York in anticipation of the building’s completion in the fourth quarter of the year. We spoke with Termini for an update on the project and what developers of other luxury projects can learn from it.

GlobeSt.com: Why do you believe The Park, Bankers Hill set the record for the highest-priced home sold in Bankers Hill?

Termini: The Park, Bankers Hill is unlike any other property on the market. The building is truly one-of a-kind in its grandeur, quality, exclusivity, views and location that provides immediate access to Balboa Park and its cultural offerings. Our buyers are looking for that unmatched experience, and they appreciate the unique attributes of the property and the lifestyle it provides.

GlobeSt.com: What does this sale do for the Bankers Hill market and the surrounding submarkets?

Termini: Primarily, the sale recognizes the Park as one of the highest-quality projects in the market and sets the standard for Bankers Hill.

GlobeSt.com: What’s unique about your approach to development, and what can other developers learn from it?

Termini: What is unique about our approach—relative to this project—is that we really stayed true to our original vision of the building, without being deterred by others in the industry. Many people told us that Bankers Hill wasn’t ready for a building of this caliber, that the finishes and construction materials were too expensive, etc. The sale of the penthouse and other residences in the building confirms there will always be a market for the best-of-the-best. Staying true to the original vision is ultimately going to be really successful for us.

GlobeSt.com: What else should our readers know about residential development in San Diego?

Termini: San Diego needs a lot more supply to keep up with the demand of the market. The only way we can meet that demand is with more reasonable regulation and support from city municipalities and local planning groups that understand we have a local housing crisis, and supply will solve that problem.